PIF invests $1.3bn in major Saudi construction firms.
Saudi sovereign wealth fund PIF (Public Investment Fund) has announced investments worth $1.3 billion in four leading local construction companies by way of subscribing to new shares as part of the capital increases representing significant minority stakes.
These are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.
The investment will contribute to enabling the construction services sector and improving local supply chains for current and future projects in Saudi Arabia as part of further developing the country’s construction ecosystem.
The four companies in which PIF has invested have built a successful track record in executing and managing complex large-scale projects across multiple sectors in various regions of Saudi Arabia.